Multinational IT services giant Accenture has published a new survey analyzing wealthy Asian digital asset portfolios, noting that most of them are directly or indirectly interested in holding cryptocurrencies. The survey was conducted based on 3,200 participants from Hong Kong, India, Indonesia, Japan and other countries, whose investment assets range from at least $100,000 to over $5 million.
Rich Asians are interested in cryptocurrencies
In a study titled “Digital Assets: Unclaimed Territories in Asia” Accenture found that 52% of wealthy investors in Asia owned digital assets as of the first quarter of 2022, and this percentage is expected to rise to 73% by the end of the year. Their assets include cryptocurrencies, tokenized assets, and crypto funds.
In particular, 72% of wealthy Singaporean investors have invested in digital assets, another 14% are interested in such investments in the near future. Along with Thailand and India in Singapore, more than 80% of investors show strong interest in digital assets.
With the recent rise in cryptocurrencies, investors have split some of their portfolios into a growing asset class. On average, wealthy investors invest approximately 7% of their portfolio in cryptocurrencies, making it the fifth largest asset class they own in the region. According to Accenture research, it is second only to stocks, fixed income, cash and real estate.
The report also indicated that for asset managers in Asia alone, helping clients with digital asset transactions represents a $40 billion revenue opportunity.
However, after surveying 550 wealth managers from the financial industry, the company said that two-thirds of them do not plan to offer cryptocurrency-related offers to their clients. He concluded that the lack of professional financial advice for investors led them to seek advice through “unregulated forums” such as social media.
Asian wealth managers hold back
The report states that a lack of faith in digital assets, a wait-and-see attitude, and the complex operational process required to launch related services due to regulatory issues are the top three factors that prevent asset managers from diving deep into the field. .
It is worth noting that over 75% of clients consider “digital asset investment advice” and digital asset trading support to be something they would like to access through asset managers in the future.
The survey previously found that 72% of 500 financial advisors were more likely to invest client funds in digital assets if a US watchdog green-lights a spot ETF. As crypto becomes more widespread, investors tend to look for an easier and safer way to influence such an asset.
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Credit : cryptopotato.com